Weebit Nano undertakes upsized $6.6 million Placement

15 June 2020 – Weebit Nano Ltd (ASX: WBT), a developer of next generation memory technology for the global semiconductor industry, is pleased to announce that it has secured commitments existing and new sophisticated and institutional investors to place circa $6.6 million worth of new shares (Placement Shares) via a two-tranche placement (Placement). Subscribers will receive one (1) option, which is intended to be listed , for each Placement Share (Placement Options). The Placement Options will be exercisable at $0.45 each with an expiry date of 18 months from issue.

Tranche 1 of the Placement including the attaching Placement Options will be issued utilising Weebit Nano’s current placement capacity pursuant to ASX Listing Rule 7.1. Tranche 2 of the Placement and the attaching Placement Options are subject to shareholder approval at an Extraordinary General Meeting of the Company expected to be held on Thursday 23 July 2020.
The Company also plans to conduct a non-underwritten Share Purchase Plan (SPP) to raise a further $500,000, on the same terms as the Placement.

Weebit Nano is now funded to progress towards first commercial agreements.
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The Placement was priced at A$0.28 per ordinary share, representing a 21.1% discount to the last traded price prior to the trading halt on 9 June 2020, and a 23.8% discount to the 10-Day VWAP of $0.367. The Placement was supported by both existing and new sophisticated and institutional investors.

Commenting on the successful Placement, Coby Hanoch, CEO of Weebit Nano, said: “We are very pleased with the strong level of support shown by new and existing investors that resulted in the Placement being upsized given the level of demand. Completing our memory module for the embedded memory market, and transferring the technology to a production fab are two key near-term milestones that we are very focused on now achieving given the funding put in place.

“In addition, we can now accelerate our development work across both the embedded memory and standalone memory markets, making up lost time from the COVID-19 related shutdowns. We are moving forward toward first commercial agreements as discussions with potential customers and partners continue to progress, particularly in China where we are seeing strong interest.”